Wal-Mart buying remaining stake in Chinese online retailer Yihaodian

Wal-Mart has purchased the remaining stake in Chinese online retailer Yihaodian as it looks to expand its presence in the country and take advantage of the shift to online shopping.

Financial terms were not disclosed.

Yihaodian, founded in 2008, sells more than 8 million products.

Wal-Mart Stores Inc. previously held about 51 percent of Yihaodian. The Bentonville, Arkansas-based company bought the remaining shares from financial services group Ping An of China and its co-founders, former Chairman Gang Yu and former CEO Junling Liu. The pair said this month they are leaving Yihaodian but will help with the transition, with Yu serving as chairman emeritus and Liu as strategic executive adviser.

Wang Lu, president and CEO of Walmart Global eCommerce in Asia, will head Yihaodian as part of his overall responsibilities.